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I hate to say I told you so but I told you so. Booms always bust. Nothing lasts forever, not even the strip clubs. Anybody want to buy a house in Watford City?
Your pal,
Ursa21
... but I told you so. Booms always bust. Nothing lasts forever, not even the strip clubs. Anybody want to buy a house in Watford City?
Your pal,
Ursa21
gloat much?
..................................... Gotta point? ... No, I guess.
ND daily oil production - Mar, 2016 1,109,000 bbl/day
ND daily oil production - Mar, 2015 1,191,000 bbl/day
ND daily oil production - Mar, 2014... 977,000 bbl/day
ND daily oil production - Mar, 2010... 278,000 bbl/day
It looks like ND production has hit its stride and things are stabilizing. There are still tens of thousands of petroleum jobs in the Bakken that aren't going anywhere. These are the best jobs.
ND is the center of the oil industry technology-wise. Companies that were supposed to go belly-up have figured out how to do things more efficiently - which also means - with less people. Prices that are crushing Saudi Arabia were supposed to clean this area out.
People that genuinely want to stay here can now afford rent or a house.
Driving and shopping in Williston is no longer a miserable experience.
The flattening of North Dakota’s economy could still be in its infancy. The true scope of the downturn in the western part of the state may not be known for another six months. A large hotel operator recently told me that the current occupancy rates don’t even pay for the overhead anymore. There’s way too much new construction that is now underutilized. I would not be surprised if a few high profile properties go belly up.
Is Williston or Dickinson going to dry up and blow away? I don't think so, but if you're thinking about rushing in to play real estate flipper you could get burned this early in the game.
I was just recently thinking about how things were going in Williston. I worked there on a six month contract in 2014-15 for Halliburton. Everyone that I was close to went overseas to work in Saudi Arabia or to work Offshore drilling. I'm sure another boom is just around the corner.
The flattening of North Dakota’s economy could still be in its infancy. The true scope of the downturn in the western part of the state may not be known for another six months. A large hotel operator recently told me that the current occupancy rates don’t even pay for the overhead anymore. There’s way too much new construction that is now underutilized. I would not be surprised if a few high profile properties go belly up.
Are you talking about hotels in Fargo or hotels in the oil patch areas? It seems like hoteliers can't build new hotels fast enough in Fargo.
It was much worse several months ago compared to now. The number of open jobs is increasing and things are stabilizing. I find it odd that now that things have started to look up you're saying it's a bust. I think you'd have a stronger case five months ago.
The flattening of North Dakota’s economy could still be in its infancy. The true scope of the downturn in the western part of the state may not be known for another six months. A large hotel operator recently told me that the current occupancy rates don’t even pay for the overhead anymore. There’s way too much new construction that is now underutilized. I would not be surprised if a few high profile properties go belly up.
Is Williston or Dickinson going to dry up and blow away? I don't think so, but if you're thinking about rushing in to play real estate flipper you could get burned this early in the game.
If they didn't pay their hotels off during the boom then they were incredibly unwise. My husband and I were here when a lot of these hotels went up and I know at least two of the new ones were completely paid for within 2 years. If they were smart then they should be fine now.
If they didn't pay their hotels off during the boom then they were incredibly unwise. My husband and I were here when a lot of these hotels went up and I know at least two of the new ones were completely paid for within 2 years. If they were smart then they should be fine now.
I'm sure some of them paid off properties, but what do you do when the occupancy rate is not even covering the overhead? Keeping running at a loss?
I'm sure some of them paid off properties, but what do you do when the occupancy rate is not even covering the overhead? Keeping running at a loss?
When they were bringing in as much as they did for so long if they can't handle operating at a loss for a year or two that shows poor financial planning on their end. However the ones with empty lots are the places that are complete dumps. Now that rates are down if you can pick between an older place that smells and hasn't been updated for 30 years or a place that's a few years old... You'll pick the newer place.
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